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Mistral Pharma Announces Approval of Instillagel(TM) by Health Canada 5/8/2007 MONTREAL, QUEBEC, May 08, 2007 (MARKET WIRE via COMTEX News Network) -- Mistral Pharma Inc. (TSX VENTURE: MIP) ("Mistral") announces today that Health Canada has approved CuraMedica (Canada) Inc.'s ("CuraMedica") Instillagel(R) for sale and marketing in Canada. CuraMedica was acquired by Mistral Pharma on May 4th, 2007. "We are thrilled to get the approval of Instillagel(R) so fast after the closing of the transaction" said Mr. Bertrand Bolduc, Mistral's President & CEO. "Mistral is now one of the very few Canadian biopharmaceutical companies with an approved product for the Canadian market. We will now work in order to make our pipeline progress and add other products to our portfolio" added Mr. Bolduc. "This is a very exciting time for all of us at Mistral and we look forward to offering Instillagel(R) to Canadian patients" said Mrs. Dalal Manoli, Mistral's newly appointed Vice-President Sales & Marketing. "With the help of our partners at Farco Pharma from Germany, we are convinced that Instillagel(TM) will become a success in Canada" she added. Instillagel(R), is an innovative product licensed from Farco Pharma of Germany. It is a sterile gel combining lidocaine and chlorhexidine, a local anesthetic and antiseptic for urology procedures. Instillagel(R) provides a safe and effective solution for patients to ease discomfort in urology procedures. Mistral expects to launch the product during Q4 2007. About Mistral Pharma Inc Mistral Pharma is an innovative pharmaceutical product development and drug delivery company and its first two branded products, MIST-B01 & B02, showed positive results at their respective first pilot clinical trials. Mistral also have the Canadian rights to Instillagel(R), a local anesthetic and antiseptic combination product used for urology procedures which is expected to be launched in Canada during Q4 2007. Mistral positions itself as a development and marketing partner for pharmaceutical companies. Additional information about Mistral Pharma can be obtained on Mistral Pharma's website at www.mistralpharma.com. Forward-looking Statements Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of Mistral Pharma. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for Mistral Pharma's products, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release. Contacts: Mistral Pharma Inc. Bertrand F. Bolduc, B.Pharm., MBA President & Chief Executive Officer 514-421-1717 ext. 2224 [e-mail] Mistral Pharma Inc. Alain Provencher, CA, CF Vice-president, Finance & Chief Financial Officer 514-421-1717 ext. 2222 [e-mail] SOURCE: Mistral Pharma Inc. mailto:[e-mail] mailto:[e-mail]